Stefco: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Stefco
Largest movements
- Tangible fixed assets -€18,896
down €18,896 (-3.2%), from €598,968 to €580,072
of which Land and buildings: -€13,689
- Debts after one year -€23,928
down €23,928 (-11.3%), from €210,973 to €187,045
- Other debts +€11,481
up €11,481 (+13.9%), from €82,333 to €93,814
- Financial charges +€6,770
up €6,770 (+48.7%), from €13,911 to €20,681
- Gross operating margin +€5,289
up €5,289 (+14.8%), from €35,769 to €41,057
- Other operating charges -€1,301
down €1,301 (-20.6%), from €6,326 to €5,025
- Depreciation +€775
up €775 (+4.3%), from €18,120 to €18,896
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €625,683 | €609,786 | -€15,897 | -2.5% |
| Fixed assets | 21/28 | €598,968 | €580,072 | -€18,896 | -3.2% |
| Tangible fixed assets | 22/27 | €598,968 | €580,072 | -€18,896 | -3.2% |
| Land and buildings | 22 | €572,730 | €559,041 | -€13,689 | -2.4% |
| Plant, machinery and equipment | 23 | €988 | €584 | -€404 | -40.9% |
| Furniture and vehicles | 24 | €25,250 | €20,447 | -€4,803 | -19.0% |
| Current assets | 29/58 | €26,715 | €29,714 | +€2,998 | +11.2% |
| Cash at bank and in hand | 54/58 | €26,715 | €29,714 | +€2,998 | +11.2% |
| Total equity and liabilities | 10/49 | €625,683 | €609,786 | -€15,897 | -2.5% |
| Equity | 10/15 | €111,825 | €108,750 | -€3,075 | -2.7% |
| Contributions | 10/11 | €24,030 | €24,030 | = | 0.0% |
| Reserves | 13 | €90,814 | €88,808 | -€2,007 | -2.2% |
| Tax-exempt reserves | 132 | €43,576 | €41,569 | -€2,007 | -4.6% |
| Distributable reserves | 133 | €47,238 | €47,238 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,019 | -€4,087 | -€1,068 | -35.4% |
| Provisions and deferred taxes | 16 | €193,291 | €192,781 | -€510 | -0.3% |
| Provisions for liabilities and charges | 160/5 | €170,856 | €171,380 | +€524 | +0.3% |
| Pensions and similar obligations | 160 | €63,385 | €63,385 | = | 0.0% |
| Other liabilities and charges | 164/5 | €107,471 | €107,995 | +€524 | +0.5% |
| Deferred taxes | 168 | €22,435 | €21,402 | -€1,033 | -4.6% |
| Amounts payable | 17/49 | €320,567 | €308,254 | -€12,313 | -3.8% |
| Amounts payable after more than one year | 17 | €210,973 | €187,045 | -€23,928 | -11.3% |
| Financial debts | 170/4 | €210,973 | €187,045 | -€23,928 | -11.3% |
| Amounts payable within one year | 42/48 | €109,594 | €121,209 | +€11,615 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €22,809 | €23,938 | +€1,129 | +4.9% |
| Trade debts | 44 | €209 | €89 | -€120 | -57.4% |
| Suppliers | 440/4 | €209 | €89 | -€120 | -57.4% |
| Taxes, remuneration and social security | 45 | €4,242 | €3,368 | -€874 | -20.6% |
| Taxes | 450/3 | €4,242 | €3,368 | -€874 | -20.6% |
| Other amounts payable | 47/48 | €82,333 | €93,814 | +€11,481 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,120 | €18,896 | +€775 | +4.3% |
| Other operating charges | 640/8 | €6,326 | €5,025 | -€1,301 | -20.6% |
| Gross operating margin | 9900 | €35,769 | €41,057 | +€5,289 | +14.8% |
| Operating profit (loss) | 9901 | €11,323 | €17,136 | +€5,814 | +51.3% |
| Financial charges | 65/66B | €13,911 | €20,681 | +€6,770 | +48.7% |
| Recurring financial charges | 65 | €13,911 | €20,681 | +€6,770 | +48.7% |
| Profit (loss) for the period before taxes | 9903 | -€2,588 | -€3,544 | -€956 | -36.9% |
| Transfer from deferred taxes | 780 | €1,033 | €1,033 | = | 0.0% |
| Income taxes | 67/77 | €637 | €564 | -€73 | -11.4% |
| Profit (loss) for the period | 9904 | -€2,192 | -€3,075 | -€883 | -40.3% |
| Transfer from tax-exempt reserves | 789 | €2,007 | €2,007 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€185 | -€1,068 | -€883 | -478.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.